EUR/USD – 1.1173
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1192
Kijun-Sen level : 1.1192
Ichimoku cloud top : 1.1214
Ichimoku cloud bottom : 1.1160
Original strategy :
Sell at 1.1235, Target: 1.1135, Stop: 1.1270
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1235, Target: 1.1135, Stop: 1.1270
Position : –
Target : –
Stop : –
Although the single currency has retreated after running into resistance at 1.1213, below 1.1150-55 is needed to signal the rebound from 1.1132 has ended, bring retest of this last week’s low, break there would confirm recent decline from 1.1296 top has resumed and extend weakness to previous support at 1.1109 which is likely to hold on first testing. If said minor support continues to hold, then risk of another corrective bounce to 1.1230-35 (61.8% Fibonacci retracement of 1.1296-1.1132) cannot be ruled out before prospect of a retreat.
In view of this, we are looking to sell euro on subsequent recovery as 1.1230-35 (61.8% Fibonacci retracement of 1.1296-1.1132) should limit upside and bring another decline. Above 1.1260-70 would defer and risk a stronger rebound but price should falter well below said resistance at 1.1296, bring another decline later.
